As I recall, the discussion in the AMA was only around faster top up options which then wouldnât address the issues raised in this thread?
Chip has just started a high paying saver account 0.9%
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For how long do you have to lock your money?
I donât know The rate on our first Interest Account of 0.9%, is currently in the top 3 easy-access rates in the UK, and comfortably beats all challenger banks and fintechs.
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FT should try and make it more obvious that you should contact them for faster processing
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Is this a real thing?
The way to contact them would be with the in app chat?
Wanna fund my ISA
Thanks
So it takes 1-2 days for UK and 2-3 days for US cash to settle and then up to 5 days for withdrawal Oo so In the worse situation I will have to wait more than a week for my money to be on my bank account?
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Well thatâs what is statedâŠ
In reality the withdrawal times are quicker for me and generally see them in my bank account after a couple of days.
This is the biggest hangover i currently have with Freetrade, it takes way too long for the cash to firsr settle (should be 3 working days like all other platforms) then takes another 3-5 days to withdraw.
Freetrade, are you guys working on this? You atleast need to be on par with the competitors.
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Agree with most of you. This is just simply ridiculous, 3 days to settle then further 3-5 days !!!
212 give same 3 day warning but the thatâs for full settlement and back into account, US stocks as well. In fact some so in the past week and it took around 30hrs.
Not sure what clearing FT have to go through but this is controlled by the banks.
Simply turning me off FT, in this day and age people need cleared funds and transfer back to accounts rapidly. Bring on crypto.
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FWIW, I think this is a maximum and there to cover their backs in the event something goes slowly.
Not long after I opened my account, I did a test withdrawal on 23rd March, it showed up as a pending transaction in my bank on the 24th and was available to spend on 25th.
The time for clearing after selling shares before the transfer is outside of their control. And I suspect most people simply donât need their money that quickly that it justifies them using an expensive transfer option. If youâre investing for the long term, an extra day or two isnât a big deal. And it sounds like there is a quicker option if youâre happy to pay the extra fee.
FWIW, youâll see the same kind of thing when you pay for a house etc. The charges for moving money quickly between banks is somewhat excessive in general.
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I really donât understand why a few people are so worked up about 3-5 day wait for a withdrawal. Of course everyone would love for it to be shorter. I get this is âyourâ money but itâs in FTâs bank account so it needs to be transferred. FT have gone for the cheapest method which helps keep the price of the product offering down (Free investment account, free trades, low subs). As many have said you often receive withdrawals before 3-5 days but FT mention this to manage expectations related to BACS payments
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It would be very helpful.
If I sell stocks on Thursday I need to wait until next Monday to withdraw the profit and I get real cash on Wednesday. That is 6 days.
Does it cost something to Freetrade?
(And why can we re-invest unsettled cash?)
Weekends arenât working days so probably shouldnât be counted as such
I know, but if we could withdraw unsettled cash then we just needed to wait for the bank.
Understood what it is.
In my understanding when we buy some stocks using unsettled cash Freetrade borrows us some money and gets it back after the settlement. So, why cannot do the same also for withdrawing unsettled cash?
What is exactly the difference between re-investing money and withdrawing money?
There is no borrowing because no payment is required until settlement.